ASHDOD, Israel, Jan. 15, 2019 /CNW/ - Cannassure Therapeutics Ltd. (TASE: CSURE), designed to grow, extract and develop medical cannabis, announces its renewed trading on the TASE after completing its reverse merger and move from the TASE maintenance list. This was made possible by a private investment of 17.5 million NIS, in cash, from Solbar Food Technologies, the company's controlling shareholder. Cannassure's shareholder equity is estimated at 25 million NIS, mainly in cash, and is designated towards advancing infrastructure and new product development.
Cannassure Therapeutics plans to operate a vertically integrated, medical cannabis company, with indoor cultivation, extraction, processing and packaging, utilizing applied knowledge of their controlling shareholder, Solbar. Cannassure has temporary permits for breeding, cultivation, processing and storing of medical cannabis products as well as a strategic collaborative agreement, which includes distribution, with Hadassah Medical, a subsidiary of Hadassah Hospital.
Cannassure holds a permit from the Israeli Medical Cannabis Authority (IMCA) to conduct research on innovative cannabis extraction techniques, which is currently taking place in their in-house laboratory. This research is funded by the Israel Innovation Authority.
Cannassure will grow IMC-GAP approved, indoor-grown, medical cannabis. They are in advanced stages of re-outfitting an existing industrial structure to a modern grow facility of up to 4,000 square meters. Also, they are erecting their manufacturing site that will be used to extract medical cannabis oils according to IMC-GMP standards. This vertically integrated operation will allow for a high-level of control over product quality, while bringing benefits of savings from production and security costs.
Nir Peles, Chairman of Cannassure Therapeutics, said: "We are pleased that Cannassure has moved from the maintenance list and is now on the main list of the TASE. Cannassure is working to be a significant contributor to the field of medical cannabis. Solbar has a broad knowledge base in industrial performance and experience establishing manufacturing plants in Israel and abroad. We will use this accumulated knowledge to advance the company's operations in favor of Cannassure Therapeutics and its shareholders."
About Cannassure Therapeutics
Cannassure Therapeutics Ltd. is a subsidiary of Solbar Food Technologies Ltd., a 57 year-old producer of plant based raw materials and solutions for the food and food additives industries. Cannassure holds all the approvals required for establishing a vertically integrated medical cannabis operation and is working in all these areas from breeding, cultivation, extraction, storage, packaging and distribution.
For further information: For press inquiries contact: Aviram Uzi, Media Consultant, Gelbart-Kahana Investor Relations, [email protected], Mob +972-52-532-9103 or Ran Amir, CEO Cannassure, [email protected]